5 Tips for Selecting the Marketing Tech Stack your Business Needs
Unsure how to evaluate your current tech stack, or strategically put yours together in the first place? Here are 5 steps that Cherryl Pressley, CEO of Black Pearl Mail suggests to ensure your technology aligns with your business’ needs and will help you achieve your organizational goals.
Did you know that MarTech (marketing technology) now accounts for a whopping 29 percent of the total marketing expense budget? This means that MarTech is the single largest area of investment among all marketing resources and programs. That’s mind-boggling, but it’s not hard to understand why. After all, marketing is core to promoting your brand and driving customer acquisition and sales, and MarTech largely enables good marketing.
But, the abundance of solutions available today is leaving many marketers overwhelmed, and the decisions around what to use are becoming more difficult to make. So let’s bring the focus back to the original purpose of your marketing tools, which is to simplify processes, measure the impact of marketing activities and drive more efficient spending and higher ROI. If your current tech stack isn’t helping you accomplish these goals, you may need to reevaluate it. Or if you’re just starting your search for the right solutions, remember this focus as you delve in.
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As Andrea Winkle, Director of Marketing at Insight, says, “There are so many tools, and there’s always going to be a new tool. Focus on your team’s objectives and key results, and find tools that support those. A lean tool stack that you use the heck out of is better than a ton of tools your team can’t fully adopt.”
In addition to maintaining this clear focal point, here are five more tips to consider when investing in – and building – your MarTech stack:
1. Make sure you have a clear MarTech roadmap.
Before you start evaluating solutions, outline your goals. Then you can begin to find tools that promise to achieve them. Winkle recommends starting with the problem in mind. She says: “Starting with the tool in mind, you will fall in love with the tool and risk not knowing if it solves your actual problem. So evaluate the problem and your current tool stack first to see if you can accomplish your goals using tools you already have.”
Also, remember to include the prioritization of privacy and security, especially when it comes to your customer data. At the same time, work with your team to create a plan about how to integrate your new applications with your existing ones. Seek to understand the uniqueness of each tool you are considering, so you can truly compare apples to apples and not make an impulse decision based on price alone.
2. Concentrate on the metrics that matter.
Metrics can unnecessarily muddy the waters in your MarTech evaluations. Some software companies may even tout access to certain metrics that sound appealing, but in reality wouldn’t move the needle for your company. Stay focused on metrics that will reveal your return on investment, as well as any metrics that paint an accurate picture of customer value and satisfaction. If you’re able to gather information about customer acquisition and customer experience, you’ll have the most paramount metrics you need.
While on the subject of metrics, keep in mind data accessibility. Winkle reminds anyone buying MarTech to, “make sure you can aggregate data from all of your tools to get a full view of your clients and your overall marketing influence.” If data is restricted in a tool, or just not freely accessible, it’s not going to serve you and deliver the metrics you’re seeking.
3. Ensure simplicity of the tools for your company.
All too often, eager marketers get excited about solutions that come with a lot of bells and whistles. But you might not need that extensive of a system, and getting your team to understand it, and use it, may be a major challenge. Don’t look for what’s trendy or boasts endless functionality; rather look for tools that automate manual processes. Make sure that the tools you consider will be easy to adopt and leverage by your teams. Also, create solid plans around rollout, implementation and training in order to have success with your new solutions.
4. Evaluate all the costs before selecting.
Keep in mind that the cost you’re given by a software provider may only give you part of the story. You’ll also need to plan for all the costs involved with training, integration, support and upgrades. This will give you a clear picture on what return will be needed to make the tools worthwhile. Remember that training is important, even if the products you’re implementing seem intuitive. The better trained your team is, the faster they’ll be able to use the system effectively and productively, all of which means improved ROI in the long run.
5. Keep innovation and values at the forefront.
Think about how much each MarTech vendor you’re considering invests in product development. What is their release cycle? Do they have user groups, or another mechanism by which they receive feedback? You want to engage with companies that will continue to innovate and expand their offerings.
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Finally, remember that vendors are an extension of your team. Winkle says she looks for companies with similar values to those that she and Insight share, and has even ended relationships with tool vendors that don’t support their values. This is smart to keep in mind as you begin your MarTech search, as it will help you weed out partnerships that may unravel down the road due to misaligned ideals.
During your selection process, know that you’re not alone. Implementing any new MarTech tool can be daunting. Getting the right level of sponsorship and support from the top down can go a long way in helping you achieve your goals, and you can do your part by sharing your plans every step of the way. The bottom line is that tool implementations are tough for any business, but a thorough selection process, extensive planning and regular communication along the way are what’s required to ensure success.
